News Corporation

Record results; momentum continues (good/surprising) - Q4 FY2026: revenue $2.3B (+11% YoY); total segment EBITDA $423M (+31% YoY); margins +280 bps to 18.1% (highest Q4 profit on record, even vs prior year including Foxtel). - Net income (continuing ops): $230M (+167% YoY); reported EPS $0.33 vs $0.09; adjusted EPS $0.35 vs $0.19. - Trend: 12 consecutive quarters of revenue growth and 13 consecutive quarters of total segment EBITDA growth (continuing operations).

Full-year strength + cash generation; capital returns ramp (good) - FY2026: revenue $9.0B (+7%); total segment EBITDA >$1.6B (+15%); margin 16.7% → 18%. - Free cash flow: $811M (+42% YoY), ~50% conversion from EBITDA; improved working capital in Q4 helped. - Buybacks: $643M in FY2026 (over 4x FY2025 $150M); Q4 buyback $184M. (No dividends discussed on the call excerpt.)

Segment engine drivers (good; key business outlook signals) - Digital mix expanding: 61% of FY2026 revenue digital; digital-first transformation credited for margin and profit gains. - Dow Jones: Q4 EBITDA $181M (+20%), margins 28.1% (+310 bps); B2B over 50% of segment profitability. Management reiterated goal: $1B segment EBITDA by FY2030. - Digital real estate: Q4 revenues $553M (+19%); EBITDA $222M (+46%)—highlighting resilience despite housing market challenges. Realtor.com showed 7 straight quarters of revenue growth; Q4 revenue +13%. - Book Publishing (HarperCollins): Q4 revenue $566M (+15%); EBITDA $57M (+14%)—and digital revenue +12%, with audiobooks +16%. - News Media: Q4 revenue $574M (+5%) (currency + subscription/circulation), but segment EBITDA $24M (down $4M YoY) due to reinvestment (e.g., California Post rollout).